TotalEnergies to Sell Brunei Subsidiary for $259 Million

Paris, June 14, 2024 – TotalEnergies has reached an agreement to sell its subsidiary, TotalEnergies EP (Brunei) B.V., to Hibiscus Petroleum Berhad for $259 million. The deal is set to finalize in the fourth quarter of 2024.

TotalEnergies EP (Brunei) B.V. holds a 37.5% interest in Block B, alongside Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%). Block B is situated 85 kilometers off the coast of Brunei.

This area includes the Maharaja Lela/Jamalulam (MLJ) field, which began production in 1999. In 2023, it provided TotalEnergies with a net production of approximately 9,000 barrels of oil equivalent per day.

Jean-Pierre Sbraire, CFO of TotalEnergies, stated, "This transaction fits with our strategy to actively manage our portfolio by monetizing mature assets and to allocate our talents to the most promising assets."